Invoice Finance?

aom

aom

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With the news that things are looking ropey for another good outfit and with the future still showing poor signs of improvement, has anyone been tempted or even already using this facility?
 
I enquired abouth this to a firm and they asked who my customers were. When I reeled a few off the checked on them then told me they would only do it against the ones with a good credit history and my good payers which beats the point really.
 
Mmm, didn't know that, I thought it was an all or nothing thing. It's an interesting idea, but like most ideas a non starter in real life.
 
ive been using invoice finance for the last year now was very dubious to start with but at least I can sleep on a Friday now
 
How did it go down with your clients?
 
quite good aom which I was really surprised with but as you know things are hard for all of us now
 
Tell me about it, that is why I am looking at it again. Getting a bit fed up financing the so called big boys.
 
We looked into factoring with our own bank(Lloyds) but tbh the 10% fees kinda put me off doesnt seem to bad an idea but in practice our clients dont pay to bad... only the odd one now & again that seems to take an eternity & i cant justify losing that much money - just need to keep a grip of credit control to keep the cashflow but i do see the inticement for hose that need it
 
Never known any factorer charge 10% fees

Done it for 2 years with bibby factors worked quiet well so long as good credit customers that pay in 90 days

Lots of hidden charges , not that expensive tho if run correctly
 
Some of the PC's we deal with, won't place an order if you factor the accounts, so we steered clear of it, but others say it works well for them
 
I have seen it some tender documents they ask if you use 3rd party invoicing, but do you not think anyone not happy about employing someone who uses them must be already planning to mess you about?

The 10% thing must surely be way wide of the mark SP, they are quoting much lower figures to me, although as AllScaff mentions, there may be lots of hidden extras.
 
Not sure about the other charges Al.- had my yearly bankeeting back in feb & thats the figure he told me thats why it put me off from doing anyhng but it
 
I am thinking about giving it ago, if clients don't like it they have very little intention of paying their bill on time anyway. We may have to change one or two things about the way we usually work, but it shouldn't prove too difficult.
 
Factorers dont like application for payment systems
 
Neither do I. We tell em to ram it, they are getting an invoice like everyone else.
 
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